Today The Bonus Daddy starts a new series of “Daddy Knows Best” articles, the first covers the most important subject for any serious gambler, Bankroll Management.
Maybe you follow your gut with your bets? Are you are an analytical gambler who looks at statistics and value? You follow a tipster? One thing that should not change, no matter how you make your picks, is Bankroll Management. If you do not follow good bankroll management practices, it will almost certainly end in tears.
What Is A Bankroll?
Your bankroll is your pot or your kitty, your gambling fund. Your bankroll is what you can both afford and are prepared to lose. This is how it is meant to be anyway.
There will always be, unfortunately, problem gamblers who often and regularly bet what they cannot afford to lose. Gamblers who make bets for far larger amounts than their bankroll should allow or with money that they cannot afford to lose.
But if you are here, reading up on gambling and studying bankroll management, that doesn’t seem to be you. So today we can talk about how it should be done. How to maximize opportunities, reduce risk and to protect your bankroll and be a successful (profitable) gambler.
Your bankroll is quite simply, your amount of available funds that you have or allow yourself to lose at betting with. Protect it, guard it with your life.
Bankroll Management Basics
There are many methods of bankroll management, from a basic % or unit of your total “roll”, to more complex systems based on expected value calculations.
There will be further articles looking more in-depth at some of the statistical systems to manage your bankroll, but today is all about basic bankroll management. For those who want to be profitable and not go broke, a winning punter and reducing risk.
To achieve this, you must keep it simple. But be strict, make some rules and stick to them – no matter what. No exceptions, nada, zero, no matter how much a sure thing.
Stick to your bankroll management rules at all times. It is the law from now on for you, in terms of your gambling, anyway.
Breaking It Down
Always break your bankroll down, into ideally 100 units but at least 50. The absolute minimum units your bankroll should hold or be broken down into should be 50 units, with 100 units advised.
For this example, we will use 50, just to keep it interesting and in reality, very few gamblers break down their bankroll further than this.
Max Bet: 1 Unit = £20
Not very exciting, is it? You deposit a grand but you can only make a bet of £20, yep, that’s right!
Hopefully, you are in this for the long run, if you are profitable that £1,000 bankroll or £20 max bet will be significantly higher in quite a short time. That is the aim.
Do not try and run before you can walk, get into good bankroll management practices from the start.
Before you know it, you will (if you are a successful gambler) have a significantly bigger roll and be making far bigger bets. But you should never make a bet of more than 2% of your total bankroll.
This, in truth, is being generous, it should be far nearer 1% as previously said but realistically 2% is acceptable and more realistic for you to stick to and retain an interest.
Breaking Down the Breaking It Down
Now we need to break it down even further, you will not “rate” all of your bets the same.
You will go for some shorter priced bets you are confident on, you go heavy (well as heavy as your bankroll management allows), but not every bet should be at your maximum bet stake limit for your bankroll.
1 Unit = 10 Points
You will very often see when reading tipsters, they will tell you how many points to bet on that specific tip. No need to blindly follow their point number, but what you should do is judge every bet you make on your own 1-10 point scale for your bet.
If it is a bet you are confident at, bet 10 points maximum. If it is an outsider or a multiple or you are even having an accumulator you may decide to bet just 1 or 2 points.
Sounds pathetic, right? You have about a grand in your account and you are punting £4? Absolutely!
That will be for a bet that is even an outsider, or one you are not confident on. No need to risk the maximum, if you do scoop it will likely be a nice boost even from a small stake should it be an outsider or multiple. No need for macho high-risk large punts because you “fancy it”.
Be smart, be disciplined and do not break your own rules and limits, ever. No exceptions.
Know Your Numbers – Always
Things will change, you will be successful or you will not. You have to constantly know your numbers, know your profit or loss. Know your balances, know your stake and know your odds. Numbers are your new best friend.
Every bookie known is good at math. It is part of the job, it is needed. You have to enjoy the numbers and enjoy the math. Is that a coincidence? Of course, it isn’t.
If you lose half your roll, your max bet for 1 unit will be just £10. If you do well and go to £2,000 or £3,000 with some hard work and disciple, that will raise your maximum bets accordingly to £40 or £60, for example.
This does not mean that after a few wins or losses, you need to adjust things. You do not need after half a dozen loses to reduce the stake to say, £18 per unit or raise to say £22 with just a few wins. But, either on a monthly basis or if you lose half your roll, or double it then you need to adjust the value of the unit.
Not rocket science. Not complicated, just good bankroll management by knowing your numbers and adjusting accordingly.
Withdraw? Deposit? Scale Up?
You may do either, or both, in the right circumstances. Or, you may decide to keep on building the bankroll, adjusting your unit value along the way.
If at first, you are not so successful, you have stuck pretty well to good bankroll management but it hasn’t worked. A little bad luck? Some bad bets, with hindsight? However, you have been strict on bankroll management but you haven’t made a profit yet. You are not ready to give up you feel you are learning and close to getting it right, and most important of all, you can afford it. You do not want to have to reduce your unit value, you are enjoying it.
Then yes, in these circumstances, deposit again.
If you have doubled up or made say for example £500 in a month. You then have a choice to make, do you want to raise your limits, do you want to carry on as you are slowly and surely. Or, you could do with that £500 to help out or to treat the girl, maybe, then withdraw!
Or carry on as you were, many very successful gamblers do so without raising the stakes making nice deposits on a monthly basis.
Scale It Up, Baby!
If you neither need to deposit, as you have been winning and also do not feel the need to withdraw, then consider raising the stakes.
Absolutely sticking to the 2% rule at all times and this should never be broken, 1 Unit is 2% of your total bankroll but now that 2% is maybe worth twice as much as it was before?
The bankroll is building, it is growing and so is the size and value of your bets.
Success, growth. Winning.
But sensible, bankroll management is maintained in full and if things take a turn for the worst then the limits will be readjusted again back down. But for now, raise it, baby!
Do not gamble drunk!
It sounds simple, it sounds basic but there are a lot of generally successful punters who have blown their entire roll on a drunken day or night. It can happen, it does happen, do not let it happen to you!
Do not bet on your own team!
Okay, if you are a Manchester City or Barcelona fan, or you follow Tiger Roll in championship races then maybe you have to bet on your team/horse/golfer/driver. But do not ever bet on emotion. Bet with your team, bet against your team but keep your gambling separate from what you want to happen for support or emotion.
We gamble on facts, numbers, stats. Always.
Many gamblers keep their main roll in one account. They have a far smaller account with another bookie, and if they are at the pub with mates watching their team or some racing is on and they have not studied the form then they bet from this account. After a few beers, a few quid on your team or a horse you like the name on. No problem, but keep social betting and your serious gambling totally separate at all times.
All bookies now allow you to set bet limits, turnover limits, and deposit limits. If you know that you have a £20 unit rate, and you will rarely have more than 3 bets a week then set a limit of £250 per month. There may be a time that you feel restricted by this, but it also adds to your bankroll management and protection of your bankroll.
Most bookies will let you change these if your bankroll size or bet frequency changes.
Be choosy about where you bet, make sure you choose a decent bookie. Not just in regards to offers and promotions, but make sure you are at a bookie that gives you good prices.
If you bet at a higher level and often, it makes a difference. Take a look HERE at a selection of bookies that I have personally checked out myself.
At the end of the day, we all gambler because we enjoy it. Have fun!
Yes, we have to be smart and like to make money keeping this as the main aim. Many of us are extremely lucky that we can gambler for large amounts of money on a full-time basis. But this all started because we love to have a bet, have a punt, that thrill of a winner!
You are learning, you are new, you want to gamble bigger. But do not get greedy, enjoy it but within strict limits at all times. Stick to strict bankroll management is absolutely essential, do not ever break these rules.
But unless you are having fun, none of this matters anyway!
Daddy Knows Best
This is the first in a whole series of articles from The Bonus Daddy, as part of the Daddy Knows Best series. There will be a host of articles focussing mainly on Betting and Online Casino, but at times taking a detailed looked at almost any form of Online Gambling. The only rule is that Daddy Knows Best!
Next Up: Understanding Betting Odds